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Our expectation that the company operating cash flow will rise

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canadian goose jacket April 8, 2011 canadian goose jacket Standard Poor Ratings Services today assigned its buy canada goose jacket cheap rating to Hyundai Steel Co. Ltd. The rating is subject to canada goose coats our review of the terms uk canada goose and conditions of the final issuance documentation. canadian goose jacket

Canada Goose Outlet In Standard Poor opinion, the bonds will not materially affect Hyundai Steel financial risk profile because we believe the canada goose clearance company will use most of the proceeds to refinance canada goose uk outlet existing short term debt. However, over the course of this year, we buy canada goose jacket believe the company needs to raise additional debt, given its canada goose uk black friday recent announcement that canada goose clearance sale it will invest Korean won (KRW) 3.3 trillion between 2011 and 2013 to add cheap Canada Goose a third blast furnace. We believe the additional debt will limit the magnitude of improvement Canada Goose Coats On Sale in canada goose the company financial profile. Canada Goose Outlet

canada goose coats The rating on Hyundai Steel reflects the company balanced portfolio canada goose black friday sale of steel products, its captive customer base, and the Canada Goose sale likelihood of support from Hyundai Motor Group. We assess the stand alone credit profile on Hyundai Steel to be and thus our rating on the company reflects one notch of support from the Group. The ratings are constrained by the highly competitive nature of the steel industry, rising raw material costs, and the company expansion Canada Goose online into Canada Goose Online the blast furnace business. canada goose coats

canada goose deals The stable outlook reflects Standard Poor expectation that Hyundai Steel will uk canada goose outlet be able to increase its operating cash flow significantly, allowing it to lower its debt levels and helping to Canada Goose Parka fund its aggressive investment in the blast furnace business. Our expectation that the company operating cash flow will rise is based on the increase in production volume from two newly added blast furnaces and a captive customer base that canada goose coats on sale will consume nearly canadagoose-online-shop half of the increased production volume. canada goose deals

canada goose clearance sale We may lower the rating on the company if its ratio of funds from operations (FFO) to debt canada goose uk shop falls below 15% on a canada goose factory sale sustained basis, as a result canada goose of weak operating cash Canada Goose Jackets flow, due Canada Goose Outlet to challenging market conditions such as a rise in raw material costs that is not fully passed cheap canada goose uk on to customers or heavier than expected capital investment. In addition, the rating could come under pressure if Hyundai Motor Co. is downgraded, given that our rating reflects strong support from Hyundai Motor Group. On the other hand, we could raise the rating canada goose store if there is significant improvement in the company profitability and marked improvement in its leverage canada goose clearance sale.